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Price Break Provides Option Profits in $AMGN
In our TNT Options Trading Service on January 14th, we talked about Amgen (AMGN). After watching the trend and the broader market, particularly the iShares NASDAQ Biotechnology Index (IBB), we suggested simple targets for $AMGN if it should break either above or below its 100-day SMA, with the $IBB supporting the direction of the break. […]
In our TNT Options Trading Service on January 14th, we talked about Amgen (AMGN).
After watching the trend and the broader market, particularly the iShares NASDAQ Biotechnology Index (IBB), we suggested simple targets for $AMGN if it should break either above or below its 100-day SMA, with the $IBB supporting the direction of the break. The next trading day, the shares of $AMGN opened lower but quickly moved up and through the key 100-day SMA level, which would in turn act as support the following two trading days, setting a floor. Amgen’s stock provided opportunity throughout the week, off the initial January 14th discussion when the stock was sitting on its much watched moving average:
On Thursday $AMGN crossed above its first upside flat-line target a $200.50, giving the signal to roll and lock some profits. It continued to reach a high of $204.33 on Friday before pulling back with the rest of the market. Subscribers took advantage of the opportunity to roll their calls Thursday and were able to profit anywhere from 45% to as much as 60% by Friday, playing the break of the 100-day SMA and following flat-lines and the direction of the underlying, with the $IBB’s strength!